Thrive Wealth Management LLC Has $1.32 Million Position in Intuit Inc. (NASDAQ:INTU)

Thrive Wealth Management LLC lessened its stake in Intuit Inc. (NASDAQ:INTU) by 13.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,034 shares of the software maker’s stock after selling 318 shares during the quarter. Thrive Wealth Management LLC’s holdings in Intuit were worth $1,322,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in INTU. DiNuzzo Private Wealth Inc. bought a new stake in shares of Intuit in the fourth quarter worth about $25,000. MCF Advisors LLC boosted its position in Intuit by 119.0% during the fourth quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock valued at $29,000 after purchasing an additional 25 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in shares of Intuit in the fourth quarter valued at approximately $38,000. Sachetta LLC acquired a new stake in shares of Intuit in the fourth quarter valued at approximately $39,000. Finally, Webster Bank N. A. acquired a new stake in shares of Intuit in the fourth quarter valued at approximately $41,000. Institutional investors own 83.66% of the company’s stock.

Intuit Stock Up 0.4 %

Shares of INTU traded up $2.31 on Friday, hitting $653.75. 67,161 shares of the stock traded hands, compared to its average volume of 1,337,500. The company has a market capitalization of $182.76 billion, a PE ratio of 60.10, a P/E/G ratio of 3.66 and a beta of 1.21. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50. The business has a 50 day simple moving average of $616.71 and a 200 day simple moving average of $627.26. Intuit Inc. has a one year low of $444.19 and a one year high of $676.62.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.12 by $1.76. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The company had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.65 billion. During the same quarter last year, the company posted $7.80 earnings per share. The firm’s quarterly revenue was up 11.9% on a year-over-year basis. As a group, equities analysts forecast that Intuit Inc. will post 11.72 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Investors of record on Wednesday, July 10th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 0.55%. The ex-dividend date is Wednesday, July 10th. Intuit’s dividend payout ratio is currently 33.21%.

Insider Buying and Selling

In other Intuit news, insider Scott D. Cook sold 14,748 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $567.40, for a total value of $8,368,015.20. Following the sale, the insider now owns 6,701,721 shares in the company, valued at approximately $3,802,556,495.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Intuit news, CFO Sandeep Aujla sold 1,415 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $855,480.70. Following the transaction, the chief financial officer now directly owns 2,332 shares in the company, valued at approximately $1,409,880.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Scott D. Cook sold 14,748 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $567.40, for a total transaction of $8,368,015.20. Following the completion of the transaction, the insider now owns 6,701,721 shares in the company, valued at $3,802,556,495.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 193,937 shares of company stock valued at $113,123,232. Company insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on INTU shares. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research note on Monday, May 27th. Erste Group Bank restated a “hold” rating on shares of Intuit in a research note on Friday, June 14th. Morgan Stanley raised their price objective on Intuit from $680.00 to $740.00 and gave the stock an “overweight” rating in a research note on Monday, May 13th. Piper Sandler raised their target price on Intuit from $750.00 to $760.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Finally, Bank of America cut their price objective on Intuit from $760.00 to $730.00 and set a “buy” rating on the stock in a report on Friday, May 24th. Five research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $679.41.

About Intuit

Intuit Inc provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. The company operates in four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.